Natural Gas tests downside as Australian shutdown risks fade

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• Natural Gas is down this week and flirts with a break below $2.62.
• The US Dollar is in choppy trading as headlines from Jackson Hole, BRICS hit markets.
• Technical support at $x.xx is hanging by a thread. 

Natural Gas price is testing the lower end of a technical ascending trend channel on the daily chart which started in late April. Although there are some risk for a substantial uptick in Gas prices, receding risks of a shutdown in Australia’s LNG terminals  take away any upward pressures. Adding to that, the recent setback in US Purchasing Manager Index (PMI) numbers – which pointed to a contraction in activity – means less demand ahead from the US.